Earlier this month MWB split its serviced office operation into two separate and independent groups of companies, one for the UK and one for Europe. As a result there will be no financial impact on the UK serviced office business. MWB Business Exchange currently operates a total of 35 serviced office centres in the UK.

MWB Chief Executive Richard Balfour-Lynn said: "Naturally I am disappointed that the European operation has not met our expectations largely as a result of the worsening economies in the countries of operation. It was important we took decisive action to cap the losses being generated by our European activities and we have made a clean exit from that side of the business. This action will enable us to focus resources on our successful UK serviced office business which is faring well considering the current climate."

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